Annual update and practice issues for preparation, compilation, and review engagements / Hugh Parker, Kelly J. Hunter and Kimberly Burke.

Format:

Book

Author/Creator:

Parker, Hugh, author.

Burke, Kimberly, author.

Hunter, Kelly J., author.

Language:

English

Subjects (All):

Accounting--Standards--United States.

Accounting.

Physical Description:

1 online resource (250 pages)

Edition:

1st ed.

Place of Publication:

Durham, North Carolina : Association of International Cerfitied Professional Accountants, Inc., 2017.

Summary:

Do you need to be compliant with all the professional standards surrounding engagements performed in accordance with Statements on Standards for Accounting and Review Services (SSARSs)? Written by expert authors, one of whom participated heavily in the standard setting, this title is a practice-oriented review of the latest developments related to SSARS Nos. 21, 22, and 23, the last two of which were issued in 2016. A go-to reference for training staff and managing preparation, compilation, and review engagements, this course includes case studies and lively discussion among the experienced participants, making this class informative and practical. This book helps: Identify the professional standards and risk factors relevant to the planning of preparation, compilation, and review engagements. Identify responses to preparation, compilation, and review engagement practice issues that comply with all applicable professional standards.

Contents:

Intro

ANNUAL UPDATE AND PRACTICE ISSUES FOR PREPARATION, COMPILATION, AND REVIEW ENGAGEMENTS

TABLE OF CONTENTS

Chapter 1 INTRODUCTION TO PREPARATION, COMPILATION, AND REVIEW ENGAGEMENTS

LEARNING OBJECTIVES

Reporting on Financial Statements

Evolution of Engagements to Prepare Financial Statements

KNOWLEDGE CHECK

Hierarchy of Standards and Guidance

CODE OF PROFESSIONAL CONDUCT

SSARS AND INTERPRETATIVE PUBLICATIONS

Quality Control in Engagements Performed Under SSARSs

QC SECTION 10

ENGAGEMENT LEVEL QUALITY CONTROL

-SSARSS

Peer Review

Summary

Practice Questions

Chapter 2 CURRENT ECONOMIC ENVIRONMENT

The U.S. Business Environment

BUSINESS CONFIDENCE

Implications of the Current Economy

ACCOUNTANT'S RESPONSIBILITY FOR FRAUD OR ILLEGAL ACTS

ADVICE FROM CNA

Chapter 3 RECENT STATEMENTS ON STANDARDS FOR ACCOUNTING AND REVIEW SERVICES DEVELOPMENTS

SSARS No. 22

Compilation of Pro Forma Financial Information

DEFINITION OF PRO FORMA FINANCIAL INFORMATION

PRO FORMA FINANCIAL INFORMATION

PERFORMANCE REQUIREMENTS

REPORTING ON PRO FORMA INFORMATION

DOCUMENTATION

Omnibus SSARS No. 23

-Prospective Financial Information

PROSPECTIVE FINANCIAL INFORMATION

COMPILING PROSPECTIVE FINANCIAL INFORMATION

-Other Changes

CHANGES TO GENERAL PRINCIPLES

CHANGES TO PREPARATION ENGAGEMENTS

CHANGES TO COMPILATION ENGAGEMENTS

CHANGES TO REVIEW ENGAGEMENTS

Chapter 4 PERFORMING AN ENGAGEMENT TO PREPARE FINANCIAL STATEMENTS

Objective and Scope

DEFINITION

PROFESSIONAL JUDGMENT

KNOWLEDGE CHECK.

Performance Requirements

AGREE UPON THE TERMS OF THE ENGAGEMENT WITH THE CLIENT

KNOWLEDGE AND UNDERSTANDING OF THE CLIENT'S FINANCIAL REPORTING FRAMEWORK

PREPARING THE FINANCIAL STATEMENTS

Documentation for Engagements to Prepare Financial Statements

REQUIRED DOCUMENTATION

CLIENT ACCEPTANCE FORM

DISCLOSURE CHECKLIST

Chapter 5 PERFORMING COMPILATION ENGAGEMENTS

Compilation Framework and Objectives

ELEMENTS OF A COMPILATION ENGAGEMENT

COMPARISON TO OTHER ENGAGEMENTS

Compilation Performance Standards

ESTABLISH AN UNDERSTANDING

KNOWLEDGE AND UNDERSTANDING OF THE ENTITY'S FINANCIAL REPORTING FRAMEWORK

READ THE FINANCIAL STATEMENTS

OBTAIN ADDITIONAL INFORMATION

Documentation for Compilation Engagements

DOCUMENTATION OF KNOWLEDGE AND UNDERSTANDING OF AN ENTITY'S FINANCIAL REPORTING FRAMEWORK

COMPILATION PROCEDURES WORK PROGRAM

BRIDGING DOCUMENTS

SUPPORT FOR FINANCIAL STATEMENT NOTES

OTHER ITEMS

Chapter 6 PERFORMING REVIEW ENGAGEMENTS

Review General Principles and Objective

OBJECTIVE

COMPARISON TO AUDIT ENGAGEMENTS

ELEMENTS OF A REVIEW ENGAGEMENT

MATERIALITY

Review Performance Standards

COMMUNICATE WITH MANAGEMENT OR THOSE CHARGED WITH GOVERNANCE

HAVE OR OBTAIN KNOWLEDGE OF THE INDUSTRY

HAVE OR OBTAIN KNOWLEDGE OF THE CLIENT

OBTAIN SUFFICIENT APPROPRIATE REVIEW EVIDENCE

Documentation for Review Engagements

DOCUMENTATION OF KNOWLEDGE OF INDUSTRY AND BUSINESS.

REVIEW ENGAGEMENT PROGRAM

Change in Level of Service

Practice Questions and Case Studies

Chapter 7 ENGAGEMENT ADMINISTRATION ISSUES

Independence

UNPAID FEES

NONATTEST SERVICES

PERIOD IN WHICH INDEPENDENCE IS IMPAIRED

QC Section 10: A Firm's System of Quality Control

Appendix A EXCERPT FROM THE CODE OF PROFESSIONAL CONDUCT, SECTION 1.295 "NONATTEST SERVICES

Chapter 8 COMPILATION AND REVIEW REPORTING ISSUES

Common Modifications to Standard Compilation Reports

Common Modifications to Standard Review Reports

Reporting on Supplementary and Required Supplementary Information

Emphasis-of-Matter or Other-Matter Paragraphs

Chapter 9 SPECIAL PURPOSE FRAMEWORK FINANCIAL STATEMENT ISSUES

Special Purpose Framework Financial Statements

TITLES OF FINANCIAL STATEMENTS

FOOTNOTE DISCLOSURES

REPORTING CONSIDERATIONS SPF FINANCIAL STATEMENTS

Chapter 10 CURRENT ACCOUNTING AND REPORTING ISSUES

Common Deficiencies in Peer Reviews

COMMON PEER REVIEW FINDINGS REVIEW ENGAGEMENTS

COMMON PEER REVIEW FINDINGS COMPILATION ENGAGEMENTS

OTHER ISSUES IDENTIFIED IN PEER REVIEW

Overview of FASB Activities

FINANCIAL INSTRUMENTS

LEASES

INTANGIBLES, COMBINATIONS, CONSOLIDATION, DERIVATIVES, AND HEDGING

NOT-FOR-PROFIT ENTITIES

Other Accounting Frameworks

FRF FOR SMES ACCOUNTING FRAMEWORK

IFRS AND IFRS FOR SMES

Practice Questions.

Chapter 11 ON THE HORIZON

Resources

STANDARD SETTING BODIES

SELECTED PUBLICATIONS

ARSC Pipeline

USING THE WORK OF OTHER ACCOUNTANTS AND INTERNATIONAL FINANCIAL REPORTING ISSUES

SELECTED PROCEDURES ENGAGEMENTS

FASB Pipeline

FASB AND IASB MEMORANDUM OF UNDERSTANDING

FASB'S EXPOSURE DRAFTS

ACCOUNTING AND AUDITING GLOSSARY

INDEX

SOLUTIONS

LEARN MORE

WHY AICPA?

EULA.

Notes:

Includes bibliographical references.

Description based on online resource; title from PDF title page (EBC, viewed March 22, 2018).

ISBN:

1-119-51135-6

1-119-51133-X

1-119-51134-8

OCLC:

1027476954